Business & Finance: Current Situation: May 10, 1926

The dominant factor in the financial situation is the recent lowering of the New York
Federal Bank's rediscount rate from 4% to 3½%. Although this made money
easier for speculation, the stock market kept fairly level during the past
week. The fact is, some Manhattan money is passing to the interior
states, while considerable is going into foreign investments. The
final settlement of the French debt (see NATIONAL AFFAIRS) presages the
floating of a large French loan here, the proceeds of which might be
used to stabilize the franc and perhaps restore it...